Thursday, May 23,2019 - 16:2 GMT+7  Việt Nam EngLish 

Exports of crude oil increased in volume, decreased in value 

 Friday, March 15,2019

AsemconnectVietnam - According to the preliminary statistics figures from the General Department of Customs, in February 2019, Vietnam exported 232,258 tons of crude oil worth of 112.08 million USD, down sharply by 52.3 per cent in volume and 50.4 per cent in turnover compared to January 2019, but the export price increased by 4 per cent, reaching an average of 482.6 USD per ton. As compare to February 2018, it also decreased by 19.4 per cent in volume; 12.9 per cent in price and 29.8 per cent in turnover.

In the first 2 months of 2019, the total exports of crude oil increased by 7.1 per cent in volume but decreased by 14 per cent in price and 7.9 per cent in turnover over the same period in 2018, reaching 719,259 tons, equivalent to 337.3 million USD, with the average price of 469 USD per ton.

In the first 2 months of 2019, the country’s exports of crude oil to all markets increased both in volume and turnover over the same period in 2018. In particular, the exports of crude oil to Malaysia market increased by 107.9 per cent volume and 75 per cent increase in turnover, reaching 93,462 tons, equivalent to 42.21 million USD, accounting for nearly 13 per cent of the total volume and total crude oil export turnover of the country. However, the price of crude oil exported to Malaysia fell by 15.8 per cent year on year, averaging 451.7 USD per ton.

Crude oil exports to the Chinese market also increased sharply by 86.2 per cent in volume and 55 per cent in turnover, reaching 320,505 tons, equivalent to 150.65 million USD - topping Vietnam's crude oil consumption market; accounting for nearly 45 per cent of the total volume and total crude oil export turnover of the country. The export price fell by 16.7 per cent, reaching 470 USD per ton.
Meanwhile, the exports to Thailand market also increased by 34.6 per cent in volume and 19.3 per cent in turnover, reaching 199,349 tons, equivalent to 94.35 million USD; accounting for 28 per cent of total volume and total turnover. The export price fell by 11.4 per cent, reaching 473.3 USD per ton.

Particularly, the exports of crude oil to Singapore market increased in price, quantity and turnover with 39,164 tons, up by 14.5 per cent; worth of 19.57 million USD, up by 18.9 per cent; and the average price of 499.8 USD per ton, up by 3.8 per cent.
The crude oil imports into Vietnam in the first 2 months of 2019 increased by 9.1 times in volume and 15.2 times in value compared to the first 2 months of 2018, reaching 1.46 million tons worth of 635.41 million USD. The import prices rose by 66.1 per cent to 434.5 USD per ton.

Vietnam’s exports of crude oil in the first 2 months of 2019 – Source: The General Department of Customs
Market
First 2 months of 2019
+/- First 2 months of 2019 vs. same period of 2018 (%)
Volume (ton)
Value (US$)
Volume
Value
Total
719,259
337,297,830
7.06
-7.91
China
320,505
150,648,449
86.21
55.1
Thailand
199,349
94,345,684
34.58
19.26
Malaysia
93,462
42,213,292
107.91
75.09
Japan
44,733
20,377,395
 
 
Singapore
39,164
19,574,700
14.52
18.87
CK
Source: VITIC

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